Honeywell had a honey of a second quarter, outpacing Wall Street projections for earnings and reporting top line gains fueled mostly by operational growth.
The Morris Plains-based company posted adjusted earnings of $2.12 per share in the latest quarter, outpacing a Zacks Consensus Estimate of $2.01.
Honeywell – which manufactures tech in segments such as energy, safety, and aerospace – saw sales surge 8 percent in the quarter to $10.08 billion.
"Honeywell delivered another outstanding quarter with continued top-line growth, strong margin expansion and double-digit earnings per share and free cash flow growth,” Darius Adamczyk, chairman and chief executive officer of Honeywell, said in a statement. “Organic sales grew 6 percent, driven by continued strength in aerospace, demand for Intelligrated warehouse automation solutions and growth in residential thermal solutions, thermostats and ADI global distribution in our homes business.”
Honeywell generated $1.7 billion of free cash flow in the second quarter, up 42 percent from a year earlier.
For the full year, Honeywell guidance now projects organic sales growth of 5 percent to 6 percent.